单词 | letter of guarantee |
释义 | letter of guaranteeDefinition Document used mainly in the Far East (China, Japan, Korea, Singapore, Taiwan, among others) whereby an importer obligates itself to accept and pay a bill of exchange on its presentment at a certain bank. The objective of this letter is to secure that bank's acceptance of an exporter's draft, for payment through its correspondent bank (where the draft will be presented). |
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